Page 58 - SyI-Annual-Report

Notes to The Financial Statements For The

Year Ended 31 December 2019

1. STATUTORY INFORMATION

The Security Institute is a private company, limited by guarantee, registered in England and Wales. The
company’s registered number and registered office address can be found on the Company Information page.
The Security Institute is a private company, limited by guarantee and consequently does not have share capital.
Each of the members are liable to contribute an amount not exceeding £1 towards the assets of the company in
the event of liquidation.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
2019 Annual Accounts
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The
Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section
1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the
historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life.
Website - 20% on cost
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to
the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.

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